Retail giant Harvey Norman is reported to have shelled out $55 million for stock and stores from in-receivership electrical and electronics providers Clive Peeters, all but capturing the destiny of the struggling chain.

Harvey Norman extended an ASX announcement today posting that it had purchased Clive Peeters stores, stock and operating processes for $55 million.

Clive Peeters, which functions stores under its own name and the Rick Hart marque, landed into receivership in May after a facing a cumbersome time, which included revelations of a $20 million scandal concerning breach of trust involving one of its financial directors.

However, the announcement was quiet over the number of Clive Peeters stores, that would not be closed or whether the brand will ultimately be sustained with.

Receiver Phil Carter of PPB posted that a further revelations of further details would be heralded next week, however, stressed that few jobs would be lost.

"Under the terms of the sale, Harvey Norman has agreed to provide continued employment to the vast majority of the very loyal Clive Peeters and Rick Hart employees", he quoted.